State-owned lender Canara Bank and Bajaj Allianz General Insurance, a private sector general insurer, have signed corporate agency agreement for the distribution of Bajaj Allianz’s general insurance products through Canara Bank’s extensive network of 5,920 branches across the country. Under this strategic agreement, Bajaj Allianz GI will offer its industry’s leading general insurance products to thecustomers of Canara Bank.
The partnership aims to provide enhanced customer experience by leveraging technology to augment the comprehensive range of third party products and services distributed by the bank.
Demonetisation to have short-term effect on insurance cos: SBI Private non-life insurer SBI General Insurance said that demonetisation of currency notes will have a short-term effect on general insurance companies.
Demonetisation of currency notes will have a short term effect on general insurance companies SBI General Insurance senior vice president and chief financial officer Rikhil Shah.
Companies with larger agency channel may see an impact in the short period. This could be true for rural insurance and micro insurance covers, which have smaller premiums.
The industry might see a dip in premium in the immediate short term, especially in tier II and III cities.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, Karnataka. It was established at Mangalore in 1906.
The government nationalized the bank in 1969.
Ammembal Subba Rao Pai, a philanthropist, established the Canara Hindu Permanent Fund in Mangalore, India, on 1 July 1906.
Rakesh Sharma is Managing Director and CEO of Canara Bank.